TLDR
21Shares triggers a 20-day countdown for a spot XRP ETF under U.S. law.
Canary Capital’s XRP ETF also enters a 20-day regulatory review window.
XRP Ledger reaches over 100 million ledgers amid growing institutional interest.
Ripple’s RLUSD stablecoin hits $1 billion, boosting XRP adoption.
The clock is ticking for the potential launch of a spot XRP ETF in the U.S. Asset manager 21Shares has filed an amended prospectus for its proposed ETF, pushing it closer to approval by the SEC. Bloomberg analyst Eric Balchunas shared that a 20-day countdown has now officially begun, setting the stage for possible regulatory action on the XRP ETF. This development marks an important step in the ongoing effort to bring XRP into the ETF space.
21Shares’ Filing Triggers Countdown
21Shares, a prominent asset management firm, filed an amended prospectus for its spot XRP ETF, triggering an automatic 20-day countdown under Section 8(a) of U.S. securities law. Eric Balchunas, an ETF analyst at Bloomberg, confirmed this with a tweet, noting that the filing had set the clock in motion. According to U.S. securities law, once a filing includes a “no delaying amendment” clause, it automatically becomes effective after 20 days unless the SEC intervenes.
The countdown represents a crucial period during which the SEC can either approve the ETF, request changes, or delay its approval. If the SEC takes no action, the ETF filing will automatically go into effect after the 20-day window. This process has been observed with other XRP ETF filings as well, including Canary Capital Group’s submission, which is also in its 20-day window. Both filings are seen as significant steps in the ongoing push for a spot XRP ETF in the U.S.
Canary Capital’s XRP ETF Filing
Canary Capital Group, another firm pursuing a spot XRP ETF, has also entered its 20-day countdown period. Their filing, which includes a “no delaying amendment” clause, is progressing similarly to 21Shares’ submission.
Canary Capital recently teased the arrival of their XRP ETF, which is expected to trade under the ticker symbol XRPC on the Nasdaq exchange. The company has already launched spot ETFs for other digital assets, such as Litecoin and Hedera, which further supports the optimism surrounding their XRP ETF efforts.
The filing from Canary Capital Group brings the potential of an XRP ETF closer to reality. If the SEC does not intervene, the ETF would likely become a reality within the next few weeks. The ETF would hold XRP in custody through partnerships with Gemini Trust Company and BitGo Trust Company. It would also use the CoinDesk XRP CCIXber 60m New York Rate as its pricing benchmark. These details show the growing infrastructure and institutional support for XRP-based financial products.
Ripple’s Positive Developments and XRP’s Growing Role
In addition to the ETF filings, Ripple has been making strides in expanding its influence and reach within the financial sector. The company recently announced partnerships with Mastercard and WebBank for RLUSD settlement and the XRP Ledger. Ripple’s XRP Ledger has surpassed the significant milestone of 100 million ledgers, further solidifying XRP’s role as a prominent digital asset in the financial ecosystem.
Ripple’s stablecoin RLUSD also reached a significant milestone, crossing the $1 billion mark. These developments have fueled continued interest in XRP, especially within institutional and regulatory circles. As these partnerships and milestones unfold, many in the cryptocurrency community are eager to see how the potential approval of a spot XRP ETF might impact demand for the asset.
Institutional Interest in XRP ETF Grows
The growing optimism surrounding XRP ETFs is closely tied to institutional interest in the cryptocurrency market. A spot XRP ETF would offer investors an easy way to gain exposure to the digital asset without directly holding the cryptocurrency. This could open the door for more institutional investors to enter the XRP market, potentially increasing demand and liquidity.
The regulatory landscape for cryptocurrency-based financial products is evolving, and the potential approval of a spot XRP ETF could set a precedent for future digital asset ETFs. With multiple firms, including 21Shares and Canary Capital Group, filing for XRP ETFs, the market is closely watching for updates from the SEC in the coming weeks.
